It definitely shows because Pershing Square put together an extremely in-depth 342-slide presentation. The presentation was given at a special Sohn Conference event in Midtown Manhattan on Thursday and it lasted for three hours.

Following the news that Ackman was short, shares of Herbalife fell $5.16, or 12.14%, to close at $37.34 a share yesterday. That was before he gave the thesis.

After his presentation today, the stock fell $3.64, or 9.75%, to close at $33.70 a share.

What's more is Ackman pledged that 100% of the personal profits he makes from this short will go to charity.

"I don't want to make any money from this, 100% will go to the Pershing Square Foundation."

We've included Ackman's tremendous presentation in the slides that follow. (Note: The video clips do not play in this presentation)